Technical analysis Litecoin. LTC-BTC on July 17, 2018

July 17, 2018

Litecoin is getting closer to the strong support which is the long-term uptrend line and forming the downtrend wedge pattern. On 1 day timeframe, we can see that the market is too oversold and the current levels give us good opportunities to open log-term trades. The break of the wedge through its upper edge should give the strength to the market to move up and the support shouldn’t let the market go lower. If to look at the 4h chart, we can notice the divergence between the price movement and RSI indicator, which is a good sign on the middle-time perspective; MACD is also moving up, DMI indicating the possibility of bid ossilations. The middle timeframe targets are 0.0130, 0.0135, 0.0144 and 0.0155 levels and 0.0175 and 0.0200 levels look like the end long-term target zone on this stage. If the asset goes lower the uptrend it will have enough strength to come back (we could see this situation on December 2017), but if the market consolidates below the trend, there will be a possibility to go to the secondary uptrend below.

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